Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents.

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....he said Table, having total turnover or gross receipts of business or profession during the tax year specified in column D and computed in the manner specified in column E thereof, shall be deemed to be the profits and gains of such business or profession chargeable to tax under the head "Profits and gains of business or profession". Table Sl.No. Specified business or profession Assessee Total turnover or, as the case may be, gross receipts of business or profession during tax year Manner of computation A B C D E 1. Any business other than the business specified against serial number 2. Eligible assessee. (a) Does not exceed two crore rupees; or (b) does not exceed three crore rupees, where th....

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....here the amount or aggregate of amounts received in cash does not exceed 5% of the gross receipts. 50% of the gross receipts or profit claimed to have been actually earned, whichever is higher. (3) Any assessee mentioned in column C of the Table in sub-section (2), who claims that-- (a) the profits or gains actually earned from the specified business or profession are lower than the profits or gains computed in the manner mentioned in column E of the said Table; and (b) whose total income exceeds the maximum amount which is not chargeable to tax, shall be required to-- (i) keep and maintain such books of account and other documents as required under section 62; and (ii) get the accounts audited a....

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....unt which is not chargeable to income-tax, he shall be required to keep and maintain such books of account and other documents as required under section 62 and get them audited and furnish a report of such audit as required under section 63. (9) For the purposes of sub-section (2) (Table: Sl. Nos. 1 and 3), the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash. (10) The provisions of sections 62 and 63 shall not apply in so far as they relate to the business referred to in sub-section (2)(Table: Sl. No. 2) and in computing the monetary limits under those sections, the gross receipts or, as the case may be, the income from the ....